Posts in category: CatchUp

Nigeria’s quest for economic greatness has received a significant boost as the International Monetary Fund (IMF) has indicated its support for the Single Window Trade Project, a groundbreaking initiative poised to streamline trade, increase revenue, and propel the country to the forefront of African economies.

The IMF’s intention of support was indicated during a meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and a delegation from the IMF Fiscal Affairs Department, led by Marco Antonio, Technical Assistance Advisor for Revenue Administration 2. The meeting highlighted the IMF’s strong support for the Single Window Trade Project, which aims to streamline trade processes, increase government revenue, and enhance the ease of doing business.

Antonio praised the NSW project, among other reforms, and inquired about how the IMF could provide further assistance for its successful implementation. HM Edun affirmed that the project is well underway, with approvals secured, a dedicated team in place, and a structured implementation plan.

He underscored the initiative’s potential to catalyze export growth, particularly with Nigeria on course to achieve 1.2 million barrels of daily oil production. Describing the project as a transformative economic tool, Edun reiterated the government’s commitment to its success, citing the strategic leadership of President Tinubu and the support of the Nigeria Customs Service as key to its execution.

As Nigeria continues on its path to economic transformation, the Single Window Trade Project is poised to play a pivotal role. With the IMF’s endorsement, this initiative is expected to enhance trade efficiency, increase revenue, and stimulate economic growth, positioning Nigeria as a beacon of trade excellence in Africa.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 3, 2025

In a significant move to reconstitute the Nigerian National Petroleum Company (NNPC) Limited Board, President Bola Ahmed Tinubu has appointed Mrs Lydia Shehu Jafiya mni, Permanent Secretary, Federal Ministry of Finance, as a member of the new Board.

This appointment is part of a broader restructuring effort aimed at enhancing operational efficiency, restoring investor confidence, and driving economic growth. The new 11-man board, effective April 2, is chaired by Ahmadu Musa Kida, with Engineer Bashir Bayo Ojulari serving as Group CEO.

In a statement issued by

Special Adviser to the President, Information and Strategy, Mr Bayo Onanuga,

the President called on the new Board to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.

As a seasoned technocrat, Mrs. Jafiya is not only going to represent the Ministry of Finance on the Board, but more importantly, she is expected to bring in her wealth of experience and expertise to bear in the realization of the policy objectives of government. Her appointment also underscores the government’s commitment to leveraging skilled professionals to drive growth and development in the oil and gas sector.

With this new development, Nigeria is poised to witness significant transformations in its energy landscape, driven by a reinvigorated NNPC Limited Board. As the country strives to achieve its ambitious energy goals, the Ministry remains committed to providing strategic guidance and support through Mrs. Jafiya’s representation on the Board.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

April 2, 2025

In a major boost to youth entrepreneurship, Nigeria and Japan have launched a strategic venture capital initiative that will channel Naira-denominated investments into high-growth startups, shielding them from currency risks while unlocking access to long-term concessional financing.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with officials from the Nigeria Sovereign Investment Authority (NSIA) and the Japan International Cooperation Agency (JICA) to finalise the framework of the fund, which has now received formal approval from the Japanese government.

NSIA CEO Aminu Umar-Sadiq confirmed that the initiative satisfies two key conditions set by the Minister: mitigating foreign exchange volatility by investing in Naira and securing first-loss or grant capital to de-risk private investment.

With JICA’s support, this is not just a proposed solution—it’s a fully approved, ready-to-launch initiative, Umar-Sadiq said.

JICA Director General Takao Shimokawa announced that diplomatic agreements would be signed within weeks, with full implementation expected thereafter.

The Coordinating Minister of the Economy welcomed the development, calling it a timely response to Nigeria’s youthful demography. This fund provides critical financial backing across the capital structure—from equity to debt—and is aligned with President Bola Tinubu’s Renewed Hope Agenda for inclusive economic growth, he stated.

By combining international concessional financing with domestic currency stability, the fund marks a new model for venture capital in Africa, aimed squarely at empowering the next generation of Nigerian innovators.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
April 2, 2025

In a bold move to propel Nigeria’s economic growth and self-reliance, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the government’s commitment to supporting indigenous businesses in the oil sector, citing Lee Engineering & Construction Company Limited as a shining example of local excellence.

The Minister gave the assurance today in Wari, Delta State, when he visited the operational base of Lee Engineering & Construction Company Limited

Accompanied by Mr Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), the CME toured the state-of-the-art fabrication yard and lauded the company’s significant contributions to local manufacturing and industrial development.

He assured the management of President Bola Tinubu’s unwavering support in promoting indigenous production, aligning with the administration’s commitment to strengthening Nigeria’s economy through encouraging increased investment by domestic entrepreneurs.

HM Edun also highlighted the economic benefits of a return to domestic refining of crude oil, including the production of industrial raw materials to spur economic growth. In response to Lee Engineering’s request for governmental support, the Minister reaffirmed the administration’s dedication to advancing local manufacturing. He emphasised that the Renewed Hope Agenda prioritises industrial development, which is pivotal for job creation and economic expansion.

Speaking earlier,
Mr Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), expressed his appreciation for the Minister’s visit and the government’s commitment to supporting indigenous businesses. We are grateful for the Honourable Minister’s recognition of our contributions to Nigeria’s economic growth, he said. We look forward to continuing to work with the government to promote local content and drive industrial development in Nigeria.

Lee Engineering, under the leadership of Founder and Group Chairman Dr Leemon Ikpea, is a prominent indigenous firm specialising in Engineering, Procurement, Construction, Operations, and Maintenance (EPCOM) services within Nigeria’s oil, gas, and power sectors.

The Honourable Minister’s visit underscores the government’s determination to foster a self-reliant economy by empowering indigenous businesses and promoting local content in Nigeria’s energy and manufacturing sectors.

As the government continues to drive its economic agenda, the partnership between the public and private sectors is expected to yield significant dividends, empowering indigenous businesses like Lee Engineering to thrive and contribute to Nigeria’s economic growth and development.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 1, 2025

The Federal Government has expressed commitment to deepening its economic ties with the Organisation for Economic Co-operation and Development (OECD) with a view to harmonised data systems in order to support reforms, attract investment, and create opportunities for the country’s youth.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this today in his office in Abuja when a delegation from OECD led by Carlos Conde, Head of the Middle East and Africa Division, paid him a courtesy visit to strengthen economic cooperation and explore strategic partnerships.

Discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital. The OECD highlighted its growing engagement in Africa through collaboration with the African Union, regional blocs, and direct country-level support. Nigeria was identified as a key partner in West Africa. It also outlined its range of engagements, which include technical support in areas such as digitalisation, governance, and statistics.

HM Edun welcomed the collaboration and re-emphasised the need for harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth.

The collaboration between Nigeria and the OECD is expected to drive economic reforms, attract investment opportunities, and contribute to Nigeria’s sustainable development.
Through this partnership, Nigeria aims to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

By working together, Nigeria and the OECD can unlock new opportunities for economic growth, job creation, and poverty reduction, ultimately improving the lives of Nigerian citizens

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
March 25, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has commended the African Development Bank (AfDB) for its pivotal role in driving Nigeria’s economic revitalisation. This praise follows a high-level meeting with an AfDB delegation led by Dr. Abdul Kamara, Director General, Nigeria Country Department, who came to deepen collaboration with Nigeria on economic growth and development priorities.

Dr. Kamara announced the launch of a new Country Strategy Paper and reaffirmed the AfDB’s commitment to transformative projects, including the second phase of the National Agricultural Growth Scheme (NAGS) as well as the Special Agro-Industrial Processing Zones (SAPZ). The AfDB also emphasized support for youth entrepreneurship through initiatives like the Youth Enterprise Investment Fund.

HM Edun lauded the AfDB’s contributions, highlighting the Bank’s critical role in Nigeria’s economic revitalisation through agriculture, infrastructure, and youth empowerment. The Minister noted that the AfDB’s partnership with Nigeria is crucial for driving economic growth, particularly in areas like agriculture, infrastructure, and youth empowerment.

As Nigeria continues on its economic revitalisation journey, the AfDB’s commitment is a testament to the power of collaboration and strategic partnerships. With the AfDB’s support, Nigeria is poised to unlock its full potential, drive sustainable growth, and improve the lives of its citizens.

Signed
Mohammed Manga,FCAI
Director, Information and Public Relations
March 26, 2025

The Federal Government has formally endorsed the creation of the Lagos International Financial Centre (IFC), a strategic move aimed at positioning Nigeria as a top-tier global financial hub.

Speaking at a high-level engagement with EnterpriseNGR, Citi UK, and senior Lagos State Government Officials, in his office in Abuja today, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, underscored the Federal Government’s unwavering commitment to macroeconomic stability and investment mobilisation. He cited the successful issuance of a US dollar domestic bond as a signal of renewed investor confidence and financial reform momentum.

HM Edun drew parallels with London’s historic “Big Bang” reforms, highlighting Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, emphasised the importance of synergy between federal and state authorities, alongside private sector leadership, in attracting global capital.

Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s preparedness, referencing the Lagos State Development Plan, the creation of the Lagos IFC Council, and an executive order to catalyse the initiative.

Anna Rogers, Director of International Development at Citi UK, commended the coordinated approach and stressed the importance of investor-friendly policies and regulatory clarity for global competitiveness.

With strong political will, private sector momentum, and international collaboration, Nigeria is advancing the vision of Lagos as a world-class financial centre—boosting the economy, deepening capital markets, and strengthening the country’s role in global finance.

SignedMohammed Manga FCIA
Director, Information and Public Relations

The Annual Assets Report provides critical insights into the financial health of government-owned and government-invested companies under MOFI. The report highlights the performance of these companies, detailing their contributions to the nation’s economy and the returns they have generated for the Federal Government.

A key question for many Nigerians is: How are government investments managed, and what returns do they generate? The Annual Assets Report provides clear, data-driven insights into these concerns by offering a transparent and detailed breakdown of government owned companies and their financial activities.

Key Highlights of the Report:

• Portfolio Overview: A clear breakdown of all companies in which the Federal Government has an ownership stake.
• Financial Performance: A summary of revenues, profits, and other financial metrics, showing whether these investments are yielding positive returns.
• Dividends to Government: A list of dividends paid by these companies to the government, which directly contributes to national revenue.
• Economic Impact: Analysis of how these companies have performed compared to the previous year and their role in job creation, industrial growth, and national development.
• Governance & Policy Alignment: An overview of the governance structure of these companies, their key activities, and how they align with the government’s economic objectives.

By publishing the Annual Assets Report, the government ensures that Nigerians are informed about how public resources are being managed and what impact they have on the economy. This level of transparency helps build trust and encourages greater public engagement in national financial matters.

Benefit to Nigerians:

• IncreasedPublic Awareness: A deeper understanding of public investments empowers citizens to hold leaders accountable and demand better governance
• Better Economic Planning: The insights from the report help businesses, policymakers, and analysts make well-informed decisions about Nigeria’s financial future.
• Encourages Investment: When people see transparency and performance tracking, it fosterstrust and boosts confidence in Nigeria’s investment climate, attracting both local and foreign investors.

The NAR and the Annual Assets Report are part of the Federal Government’s commitment to transparency, efficiency, and economic growth. By ensuring proper asset management and financial accountability, these initiatives help secure a stronger financial future for Nigeria.

For more information visit https://mofi.com.ng/reports/#aar